A major disadvantage of a proprietorship is that the ________
A) owner's entire wealth is at risk
B) profits are taxed twice
C) firm has perpetual life
D) owner has limited liability
A
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Suppose Country A had net taxes of $30 million and government expenditures of $35 million. In addition, household saving in Country A totaled $5 million while consumption was $80 million
The government of Country A is running a budget ________ and national saving is ________ million. A) surplus; $5 B) deficit; -$5 C) deficit; $0 D) surplus; $25
When the rental price of capital is above the equilibrium price ________
A) we have an excess supply of capital and the rental price should fall B) we have an excess demand of capital and the rental price should fall C) we have an excess supply of capital and the rental price should increase D) we have an excess demand of capital and the rental price should increase E) none of the above